Ministry of Ports and Marine Transport in Somalia has signed a renegotiated concession with Albayrak Group for the rehabilitation and operation of the Port of Mogadishu with a concession period of 14 years. Albayrak Group has been responsible for the Port of Mogadishu since 2013.

The concessionaire will spend US$ 50 million in the next five years to safeguard the port assets and to increase the flow of the traders while continuing services under a revised revenue share arrangement. A new state-of-the-art terminal operating system to increase the quality of service will also be developed. The concessionaire will also be responsible to comply with the international agreements and conventions as well as international quality and safety standards.

Africa Enablers acted as transaction advisers, Inveni Portum as technical advisers, and Clyde & Co as legal advisers for the transaction.